Xcite Energy Limited: Results for the 3 Month Period Ended 31 March 2013

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SUCH JURISDICTION
TSX-V, LSE-AIM: XEL
20 May 2013
Xcite Energy Limited
("Xcite Energy" or the "Company")
Results for the 3 Month Period Ended 31 March 2013
Xcite Energy announces its results for the 3 month period ended 31
March 2013.
Highlights
* Net loss in the current period of GBP1.7 million, arising primarily
from unrealised foreign exchange losses on a strengthening US
dollar over the 3 month period.
* Cash of GBP20.4 million as at 31 March 2013, of which GBP12.3
million was held in escrow relating to the Bentley Phase 1A work
programme, with GBP11.6 million of the escrow amount having now
been released.
* Effective 31 December 2012, upgrade in 1P, 2P and 3P oil reserves
for the Bentley field to 198 MMstb, 250 MMstb and 312 MMstb,
respectively, based on an initial 35 year production period,
as announced on 8 April 2013.
* Success in the 27th UK Licensing Round provides new acreage to
the Xcite Energy Resources Limited portfolio. Blocks 9/4a, 9/8b
and 9/9h add four identified prospects to the future exploration
and appraisal programmes in the wider Bentley area.
* A binding agreement has been entered into relating to the sale of
certain technical well data for $15 million.
* Commencement of the Bentley field farm-out process with industry
participants.
The following tables summarise the Group's financial performance in the
3 months ended 31 March 2013 and the comparatives for the 3 months
ended 31 March 2012.
3 months 3 months
ended ended
31 March 31 March
Income Statement Information 2013 2012
GBPm GBPm
Net loss (1.70) (0.05)
Loss per share (basic and diluted) in (0.6p) (0.0p)
pence
3 months ended 3 months ended
31 March 31 March
Cash Flow Information 2013 2012
GBPm GBPm
Net cash flow from operations (1.33) 3.49
Net cash flow from investing activities (4.23) (25.08)
Net cash flow from financing activities 0.41 36.41
As at As at As at
31 March 31 December 31 March
Balance Sheet Information 2013 2012 2012
GBPm GBPm GBPm
Total assets 250.4 251.8 192.6
Current liabilities 45.4 45.6 13.0
Long term liabilities (deferred tax) 0.5 0.5 0.5
Total net assets 204.5 205.8 179.2
The Company's unaudited Financial Results for the 3 Month Period Ended
31 March 2013 can be found at the following link:
http://www.rns-pdf.londonstockexchange.com/rns/0611F_-2013-5-19.pdf
ENQUIRIES:
Xcite Energy Limited +44 (0) 1483 549 063
Rupert Cole / Andrew Fairclough
Liberum Capital Limited (Joint Broker and Nomad) +44 (0) 203 100 2000
Clayton Bush / Tim Graham
Morgan Stanley (Joint Broker) +44 (0) 207 425 8000
Andrew Foster
Pelham Bell Pottinger +44 (0) 207 861 3232
Mark Antelme / Henry Lerwill
Paradox Public Relations +1 514 341 0408
Jean-Francois Meilleur
Forward-Looking Statements
Certain statements contained in this announcement constitute
forward-looking information within the meaning of securities laws.
Forward-looking information may relate to the Company's future outlook
and anticipated events or results and, in some cases, can be identified
by terminology such as "may", "will", "should", "expect",
"plan","anticipate", "believe", "intend", "estimate", "predict",
"target","potential", "continue" or other similar expressions concerning
matters
that are not historical facts. These statements are based on certain
factors and assumptions including expected growth, results of
operations, performance and business prospects and opportunities. While
the Company considers these assumptions to be reasonable based on
information currently available to us, they may prove to be incorrect.
Forward-looking information is also subject to certain factors,
including risks and uncertainties that could cause actual results to
differ materially from what we currently expect. These factors include
risks associated with the oil and gas industry (including operational
risks in exploration and development and uncertainties of estimates oil
and gas potential properties), the risk of commodity price and foreign
exchange rate fluctuations and the ability of Xcite Energy to secure
financing. Additional information identifying risks and uncertainties
are contained in the Company's annual information form dated 26 October
2010 and in the annual Management's Discussion and Analysis for Xcite
Energy dated 25 March 2013 filed with the Canadian securities
regulatory authorities and available at www.sedar.com . The Company
disclaims any intention or obligation to update or revise any
forward-looking statements whether as a result of new information,
future events or otherwise, except as required under applicable
securities regulations.
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this
release.
This information is provided by RNS
The company news service from the London Stock Exchange
END